A new year, a new tax! If you own a residential property in BC, this will affect you. It is called the Speculation & Vacancy Tax. What is the Speculation & Vacancy Tax? The speculation and vacancy tax is an annual tax potentially paid by owners of residential properties in designated taxable regions of B.C. … Continued
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Alert, Vancouverites! There is a new tax you need to worry about – the Empty Homes Tax! In a future blog post, I will discuss the implications of the Empty Homes Tax on people who are selling and buying homes in the City of Vancouver. For now, I will just focus on current owners of … Continued
When buying a newly built or substantially renovated home, one tax to consider is the GST. GST is payable on the purchase price of newly constructed homes in Canada. The GST is currently 5%. You may qualify for a GST rebate after the purchase of your new home. There are two rebate programs available: the … Continued
Effective August 2, 2016, an additional property transfer tax applies to residential property transfers to foreign entities in the Greater Vancouver Regional District. The Amount of the Additional Property Transfer Tax The additional tax on property transfers to foreign entities is 15% of the fair market value of the foreign entity’s proportionate share of a … Continued
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